30-Year Fixed Mortgage Rates Spike 50 Basis Points, Highest Levels Since July 2011

30-Year Fixed Mortgage Rates Spike 50 Basis Points, Highest Levels Since July 2011; Current Rate is 4.38%, According to Zillow Mortgage Rate Ticker

SEATTLE, June 25, 2013 — The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 4.38 percent, up fifty basis points from 3.88 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.82 and 4 percent late last week, before spiking up near the current rate over the weekend. This represents the highest rate on Zillow Mortgage Marketplace since July 2011.

“Last week rates spiked up to levels not seen since July 2011 after Federal Reserve Chairman, Ben Bernanke reiterated the Fed’s commitment to scale back its stimulus program later this year,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, we expect rates will be volatile as the market recalibrates and determines whether we’ve reached a new plateau near 4.5 percent or whether this week’s rate spike was an overreaction that warrants a downward adjustment.”

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 3.41 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.18 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at:

[table] State, Current 30-Year Fixed Rate (06/25/13), Last Week’s 30-Year Fixed Rate (06/18/13), Change in Basis Points
California, 4.41%, 3.38%, +53
Colorado, 4.41%, 3.93%, +48
Florida, 4.35%, 3.84%, +51
Illinois, 4.36%, 3.90%, +46
Massachusetts, 4.41%, 3.88%, +53
New Jersey, 4.33%, 3.86%, +47
New York, 4.40%, 3.89%, +51
Pennsylvania, 4.37%, 3.86%, +51
Texas, 4.39%, 3.87%, +52
Washington, 4.42%, 3.92%, +50

About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.

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